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Macquarie Bank to phase out cash by 2024

Macquarie Bank to phase out cash by 2024

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Macquarie Bank cash phase-out

Macquarie Bank, Australia’s fifth-largest bank, will remove all its cash and cheque services by the end of next year.

The phase-out will start in January and operations will become completely digital by November.

Telephone banking will also be switched off.

Macquarie Bank cash phase-out

The phase-out was detailed in a letter to Macquarie customers this week.

Macquarie said the change would make banking “safer, faster, and more convenient”. They said less than 1% of their customers still use cash or cheque services.

Customers will still be able to withdraw cash through ATMs across Australia. However, they will no longer be able to deposit cash at NAB branches, ending a deal between the two banks.

The timeline of the phase-out

January 2024: Orders for chequebooks for new cash accounts will be stopped.

March 2024: Telephone banking will end.

May 2024: Deposit or withdrawal of cash or cheques at Macquarie branches will be stopped. Chequebooks for existing accounts will become unavailable to order.

November 2024: Writing or depositing cheques will become unavailable. Cash deposits or withdrawals at NAB branches will be stopped. Payments or super contributions via cheque will be removed.

National cheque phase-out

In June, the Federal Government announced plans to phase out cheques by 2030.

This would be enforced through legislation to ensure payment methods keep up with new technologies.

Federal Government departments are expected to stop using cheques by 2028.

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